- Q3 Net Profit touched Rs. 452.71 lacs as against the Net Loss of Rs. 5.02 crore in Q3 last year
- Company posted Net Profits of Rs. 1101.50 lacs for the nine months ended 31st December, 2010 against Net Loss of Rs. 1318.62 lacs for the corresponding period of the previous year
Shreyas Shipping & Logistics Limited, a multi-modal Logistics & Shipping Company, announced its unaudited financial results for the quarter and period ended 31st December, 2010 today.
Financial highlights:
The Company after the successful re-alignment of its business strategy; with a complete focus on offering integrated logistics solutions has witnessed healthy growth in the business during third quarter Shreyas posted a robust growth in revenues of Rs. 4921.90 lacs for the quarter ended 31st December, 2010 over the corresponding quarter of the previous year of Rs. 3379.60 lacs thus registering a growth of 46%. The Net Profit for the quarter ended 31st December, 2010 increased to Rs. 452.71 lacs while the Net Loss for the quarter ended 31st December, 2009 was Rs. 477.10 lacs.
The Company has posted Net Profits of Rs. 1101.50 lacs for the nine months ended 31st December, 2010 against Net Loss of Rs. 1318.62 lacs for the corresponding period of the previous year. From this, it can be easily ascertained that there was a swing of Rs. 24.21 crores in the profitability.
Commenting on the performance of the third quarter, Mr. S. Ramakrishnan, Chairman & Managing Director, Shreyas Shipping & Logistics Limited said “ We have widened our scope and positioned ourselves as a Lead Logistics Player in the Indian logistics segment. In this regard, we have taken various initiatives like participation in road transport segment by acquiring cutting edge technology trailers, contracted vehicles and evaluating specially designed vehicles to carry automobiles. To strengthen our reach we are in discussing various options to co operate with players in the rail segment to carry cargo thereby offering multiple options to our customers. We have set up general warehouses in strategic locations thereby providing consolidation points for cargo. We will be further enhancing our presence in all above segments. Our long term vision is to sustain the performance and provide high-quality logistics solutions to our stakeholders” He further adds that “Shreyas strongly believes in creation and maximization of wealth for all its stakeholders. We will continue our path for a better tomorrow.”
Developments during the quarter ended December 31, 2010
During the quarter, company through its wholly owned subsidiary Shreyas Relay Systems Limited (SRS) has signed a Memorandum of Understanding for acquisition of 50 trailers.
Shreyas Shipping has forayed into the coastal bulk shipping operations with the deployment of M.V. Unity, Indian flag coastal bulk vessel.
Shreyas has also sealed an agreement for a warehouse and domestic cargo distribution center at Tuticorin. The company has also firmed up plans for establishing similar facilities at Mundra and Cochin.
The company declared interim dividend on its equity shares @ Re. 0.50/- (i.e. 5.00%) and on its preference shares @ Rs. 9.50/- (i.e. 9.50%).
About Shreyas Shipping & Logistics:
Shreyas Shipping & Logistics, a BSE & NSE listed multi-modal logistics and shipping company. Set up in 1994 to own and operate vessels for containers feeder operations between Indian ports and international container trans-shipment ports, it has now diversified into providing logistics, transportation, warehousing, distribution and small parcel services. Shreyas Relay Systems Ltd, a wholly-owned subsidiary, takes care of the landside operations. Shreyas is a part of Transworld Group, which has over 25 years of experience in the shipping industry. Shreyas is the first Indian private sector container feeder operator and first Indian shipping company to be accorded the ISO 9001: 2008 certification for container ship and feeder service management. The company currently owns and operates three container vessels and one bulk vessel. It maintains technically safe-n-sound fleet providing safety of employment to seamen, reduced cost of operations and adheres to corporate governance norms which gives it a competitive advantage.
SSLL has been re-certified by DNV Quality Registrar in accordance with the Standard ISO 9001:2008 and has recently won the award as “Shipping Line of the Year – Costal Operator” at the Maritime And Logistics Awards 2010 organized by Exim India.
